Word: oversight
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Dates: during 2000-2009
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RESIGNED. HARVEY PITT, 53, as chairman of the Securities and Exchange Commission; in Washington. The embattled Bush appointee, whose 15-month tenure was marked by missteps and corporate scandals, exited on election night, following embarrassing revelations about his appointee to head a new accounting-oversight board, William H. Webster...
Forum and its owner John Y. Keffer had requested punitive and compensatory damages against Shleifer, Hay and Harvard, which they say has “vicarious liability” and was negligent in the oversight of its employees. The Associated Press reported that Forum had asked for $4.4 million in compensation, although Delinsky would not confirm that figure...
...Accounting Reform Act included sweeping measures dealing with financial reporting, conflicts of interest, corporate ethics and the oversight of the accounting profession. It called for increasing the Securities and Exchange Commission (SEC) budget by 77 percent and creating a U.S. accountancy regulatory board. The increased budget was going to be used to hire up to 300 new enforcement and inspection specialists and to begin upgrading information technology, all in an attempt to better protect investors from rampant financial fraud...
...Congress prove no better. A budget stand-off between Congress and the president threatens efforts to crack down on corporate wrongdoing. Congress has not yet funded the SEC for fiscal year 2003, which began Oct. 1, nor has it approved any future funding for the new Public Company Accounting Oversight Board, which the Accounting Reform Act created to monitor the accounting industry. In fact, the House, where appropriations bills originate, has yet to even introduce a bill to fund the SEC for 2003, let alone vote...
...Accounting Reform Act allowed for transition funding for the Public Company Accounting Oversight Board to come from unused SEC funds. However, with the president and Congress continuing to argue over budget priorities, the SEC is not likely to have any funds to spare. “The worst case scenario is that [the accounting board] or we will have to slow down if we find the budget is unresolved by early next year,” the agency has said. Without a budget decision from Capital Hill, all this summer’s reform rhetoric will be in vain...